Bitcoin fees have continued to rise, with the average cost of shipping the cryptocurrency now at its highest level in over two and a half years.
Bitinfocharts data shows that it costs an average of $37.58 to complete a transaction today. The last time it was this high was in April 2021. Since then, fees have exploded since May of this year Interest in ordinal numbers increased. At some point they reached $31.14 per transaction.
Ordinal numbers– Bitcoin’s answer to non-fungible tokens (NFTs)– are simply assets such as images or art that can be stored on the Bitcoin blockchain.
Investor interest in Ordinals means more coins are being minted, taking up block space that might otherwise have been used to process imageless BTC transactions. Because miners confirming transactions have more work to do, they can – and do – charge more for people who want to send or receive BTC.
A typical example: Decipher I tried to make a transaction using a mobile wallet but the fee would have been 42% of the BTC amount selected to send.
However, the Ordinals craze has divided the Bitcoin community. Some say blockchain should be a priority for those who want to do what Bitcoin was originally created to do: make peer-to-peer payments online.
Bitcoin fees peaked in April 2021, when the average price for a transaction was $62.77.
At the time, Bitcoin was in the midst of a bull market, so more and more people were using the blockchain to move the asset. The price of the largest digital coin by market capitalization was $57,000 at the time.
Edited by Stacy Elliott.
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